Otto Energy Philippines Inc. has reassigned its 9-percent participating interest in Service Contract 69 to Trans-Asia Oil Petroleum Corp., after the former decided not to participate in the next exploration phase.

In a disclosure to the Philippine Stock Exchange Friday, parent firm Trans-Asia Oil and Energy Development Corp. said that upon the approval of the deed of assignment by the Department of Energy, TA Petroleum will hold a 15-percent participating interest in SC 69, which covers the East Visayan basin.

This means that TA Petroleum will have a 15-percent share in any future expenditures and revenues under the contract license.

Prior to this reassignment, Otto Energy had a 79-percent stake in SC 69 while TA Petroleum had a 6-percent stake.

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.